David Stevens, mortgage icon, dead at 66

Enjoy complimentary access to top ideas and insights — selected by our editors.

David Stevens, a mortgage industry figure who held jobs across a broad spectrum during his career, has passed away at 66, according to published reports.

A statement from the Mortgage Bankers Association, the industry trade group he headed up for seven years, said Stevens' death on Jan. 16 was unexpected.

However, it was well-known that he had been battling cancer for many years, although at the time he announced his retirement from the MBA in August 2018, he added he was in remission.

Stevens was instrumental in rebuilding the once-troubled organization, a statement from his successor Bob Broeksmit noted.

"To those who worked with him at MBA, Dave is remembered as a great mentor, boss and friend," Broeksmit said. "He was quick with a joke, sometimes at his own expense, and truly cared about those he worked with and those who worked for him.

"Dave and his wife Mary were instrumental in the 2011 creation of the MBA Opens Doors Foundation, which has helped more than 16,000 families with crucially ill or injured children stay in their homes while their child is in treatment."

Stevens joined the financial services industry in 1983 at World Savings and Loan where he stayed for 15 years and was responsible for all of its mortgage originations activity.

In July 1998, he joined Freddie Mac as senior vice president of single family. Stevens' next stop was Wells Fargo Home Mortgage, where he was executive vice president, national wholesale manager for a little over one year.

The Long & Foster Companies then hired Stevens as president of affiliated businesses before promoting him to president and chief operating officer of the entire company.

The Obama administration then appointed Stevens as Federal Housing Commissioner, a job he held from July 2009 until March 2011.

In May of that year, Stevens became the president and CEO of the Mortgage Bankers Association. Approximately one year later, in May 2012, he actually resigned to take the job running SunTrust's mortgage unit, but the organization was able to entice him back until his retirement.

Most recently, Stevens was the head of Mountain Lake Consulting, speaking on many industry issues, including the ICE Mortgage Technology-Black Knight merger.

"It is with great sadness that we mourn the passing of Dave Stevens," said a statement from Scott Olson, executive director of the Community Home Lenders of America. "He was a significant force in the mortgage industry, and his leadership, vision and insight helped to shape the current landscape. Our hearts go out to his wife Mary and their children."

Tributes to Stevens also appeared on social media platforms such as LinkedIn.

Stevens was a regular speaker at Mortgage Bankers Association of New Jersey events like its annual Regional Conference of MBAs and was actually due to keynote at a meeting in June, E. Robert Levy, its executive director, pointed out in a statement.

"His contacts on a federal level were significant, having been the FHA commissioner," Levy said. "His years in the industry and at Freddie Mac gave him a unique background, which greatly benefited the industry. Dave was a great man who represented our industry with humility and understanding who will be greatly missed."

Broeksmit summed up Stevens dedication to making housing available for more Americans. 

"He had endless energy to engage in the fights that needed fighting to ensure that the industry could safely serve qualified low and moderate-income and first-time homebuyers," Broeksmit said. "He was an outside-the-box thinker when it came to trying to solve some of the industry's greatest challenges."